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20130101
20130131
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CNBC 3
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CNBC
Jan 9, 2013 9:00am EST
from atlanta. good morning. >> good morning, simon. this is douglasville, a suburb of atlanta. very nice. you've got manicured lawns, a homeowner's association here, good schools. right next door is a government-owned fha foreclosure. this house was a foreclosure, but it was bought by an investor. this guy, aaron etleheight, i interviewed him a few years ago when he was buying foreclosures out of his living room. guess what, he now owns more than 2,000 homes. and he's turning his holdings into a real estate investment trust. just like apartment owners do. this is the new rental model. three years ago, did you ever think you would be as large as you are today? >> i hoped for it. it's happened a lot faster than i thought it would. >> now, edelheit employs 250 full-time workers. buy, rehab, market, rent and manage the homes. by buying the homes at a discount and using his own teams to rehab them, he's giving his investors not just cash flow, but he's bringing a distressed home back to its real value, a value that will likely grow. >> it's showed through dividend payments, through the p
CNBC
Jan 22, 2013 9:00am EST
is not going to change fundamentally what is going on in the real economy. atlanta fed president dennis lockhardt talked about cramer's rant and said, i believe that the correct policy posture is to let the markets work through the changes in risk appetite and pricing that are under way, but the market observations of one of my more strident counterparts -- and that is not jim cramer -- are worth sharing. jim, do you remember that day well? >> the market was down that day. you can't come out all the time and -- i don't know who their sources were, really. because they go on and on. that everything was going to be fine. the sources, you know, my trusted friends, colleagues have been in business a l time. they just weren't saying the same thing as the fed. it didn't actually -- it wasn't like i had a particular insight. there were a lot of people who thought this way. >> i was as well at that point, 2007, i remember your rant well because i said -- you know, i used to sit up in the back stairs, i thought, what in god's name is going on. i actually came down. i had no idea what that incred
CNBC
Jan 16, 2013 9:00am EST
of senators who oppose that provision. he joins us in atlanta. senator, good to have you back. good morning. >> good to be with you, carl. thanks. >> a lot of people might say what's wrong with 20%. i paid 20%. walk us through why this is such a problem. >> historically in america, the down payment has been -- the insurance on down payment and quality has been a combination of private mortgage insurance or credit enhancement and down payment. 20% down is a large number for most americans. in fact, as you said, about 40% of the american buyers would be out of the market. and the worst thing is capital would shrink in terms of being attracted to the mortgage market. the whole reason this is a problem is the dodd/frank bill required a risk retention provision on mortgages. if the rule requires 20% down or else the bank has to hold 5% risk retention, that's going to shrink capital coming into the mortgage market. >> how are you trying to cut this off at the pass? >> we're trying to use the old definition which works just fine. that is use private mortgage insurance to insure that portion of the
Search Results 0 to 2 of about 3